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Stocks make a U-turn, rising after big decline

NEW YORK (AP) — Stocks are trading higher at midday, bouncing back from their worst loss of the year.

The Dow Jones industrial average is up 94 points to 12,810, erasing nearly half of its 214-point loss the day before.

The broader Standard & Poor's 500 is up 12 points to 1,370. The Nasdaq composite index is up 31 points to 3,022, re-crossing the closely watched 3,000-point line. The gains broke five-day losing streaks for both the Dow and the S&P.

Investors were heartened by a better-than-expected earnings report from Alcoa, which could portend a strong first-quarter earnings season. Alcoa jumped more than 8 percent.

The market also latched on to news that Spain's borrowing costs fell slightly, a sign that investors are more confident in that country's financial health.